Access Over Ownership And The On Demand Generation’s Consumption Habits

memeThe Netflix model of having access to items rather than owning them has been applied to dozens of industries, and Millennials are among the biggest adopters of this ever-growing trend. They don’t care as much about owning everything — whether it’s music, TV shows, or luxury dresses — as long as they can obtain these things when they need them. This mindset is what changed the music industry — YouTube is now the top way in which teens listen to music — and this attitude is influencing marketers who want to tap into Millennials’ purchasing, or rather renting, habits.

Rent the Runway isn’t new, but many female Millennials are continuously turning to it when they need a dress for a special occasion. Whether it’s prom, a school formal, their birthday, or graduation, teens and twentysomethings know that this method allows them to wear their dream dress at a more affordable price. This is valuable in that special occasion dresses aren’t worn often, and they can be pricey for something that then collects dust in their closet. However, if they rent a dress, solely for the situation in which they need it, the “runway” dress becomes more attainable. This also reflects a concept in the age of social media where every outfit is photographed and shared across one’s network. Many Millennials worry about their same clothes constantly being captured on Facebook and Instagram, but renting provides a solution in the form of a temporary expanded wardrobe.

Renting apparel also taps into showrooming, another shopping trend we’re seeing in that Millennials are visiting physical stores to scope out the selection, but not buying items in-person. Rather, they’re treating stores as if they were showrooms, and then going online or comparing prices before making purchases. Rent the Runway for example coincides…

 
 
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Millennial News Feed

Quote of the Day: “In the future, I'd like to pay off my student loans and not starve or get evicted. A stable job would be nice.” –Male, 26, PA

With any large-scale marketing campaign, especially those that encourage consumer participation, brands must prepare for their message to be hijacked. Coke’s #ShareaCoke promotion has gotten the royal hack treatment from Millennials online who are making fun of the names found listed on the bottles (or those that are left out) and filling in their own to create new comic pairings that relate to other memes. (Adweek)

Not all viral sensations make sense at first. Take relatively unknown British teen Tish and the Vine she posted recently. In it, Tish sits in her mom’s car pretending to drive, says “broom broom,” and cuts to her mom’s high pitched voice saying, “Get out me car!” Sounds simple and not all that overwhelming, but since it was posted, the Vine has gone viral, been remixed by fans, and has earned its own #TeamTish hashtag. Tish’s viral potential could be due her monotone voice, silly catch phrase, or quirky mom, but either way, her videos have given teens online someone to root for. (BuzzFeed)

Live-stream gaming service Twitch has grown from 3.2 million users to 50 million users in three years time and its earnings potential has caught the eye of Google, who plans to purchase Twitch and integrate it into YouTube. Watching how others play and strategize “is like catnip” for serious gamers and Twitch makes it easy for gamers to live-stream what they’re playing for audiences to watch, regardless of what console they’re using. (MediaPost)

You may not be the biggest fan of “listicle” editorials pieces, but BuzzFeed, whose traffic is 50% on mobile and 75% referred from social media, makes a strong case for why lists and other themes are important in brand writing for Millennials. Branded quizzes on BuzzFeed have a 96% completion rate, and both lists and quizzes signal to busy readers that there is “finiteness to what they’re getting.” They are also discovering something new about themselves through quizzes, feeding into their Numbers Game desire to use data for self-discovery. (The Drum)

100 fans will earn a seat at The Giver premier in close proximity to the movie’s biggest stars, but this competition isn’t about luck. The Giver Movie Premiere for Good contest is using online activism as its backbone, asking fans to launch fundraising campaigns on Crowdrise and raise money in order to secure their spot. So far around $6,000 has been raised from the more than 400 campaigns with the money going to charities benefitting the arts. (Mashable)

Quote of the Day: “My dream for the future is complete financial independence from parents and any others, and a very satisfying career that I enjoy (a high salary would be a plus, but not essential).” –Male, 25, PA

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